Under the deal, which brings together two former competitors in the race to develop a COVID-19 vaccine, each CureVac share will be exchanged for approximately $5.46 in BioNTech American depositary shares (ADS), BioNTech said.
The deal underscores BioNTech’s expensive long-term ambitions to focus on new cancer treatments and shows that its success as Pfizer’s COVID-19 vaccine partner, which brought billions of euros in cash to its balance sheet, was no fluke.
“Through the acquisition, BioNTech intends to strengthen the research, development, manufacturing and commercialization of experimental mRNA-based cancer immunotherapies,” the statement said.
About a year ago, CureVac decided to focus on oncology, agreeing to sell its remaining flu and COVID-19 vaccine developments to its alliance partner, the British company GSK.
It is expected that upon closing of the deal, CureVac shareholders will own between 4% and 6% of BioNTech shares, the company added.
Source: Reuters